Poa Flashcards
(38 cards)
What are Non-Current Assets?
Non-Current Assets include Land, Property, Plant and equipment, Office equipment, Fixtures and fittings, and Motor vehicles.
What does Property comprise?
Property comprises commercial, industrial, office, and residential buildings.
What is included in Plant and equipment?
Plant and equipment include factory machines and equipment.
What is considered Office equipment?
Office equipment comprises computers, printers, scanners, and photocopiers.
What are Fixtures and fittings?
Fixtures and fittings comprise furniture, shelves, and lighting.
What types of Motor vehicles are included?
Motor vehicles include trucks, vans, cars, and motorcycles.
What are Current Assets?
Current Assets include Cash in hand, Cash at bank, Inventory, Trade receivables, Other receivables, Income receivables, and Prepaid expenses.
What is Cash in hand?
Cash in hand refers to physical cash kept by the business.
What does Cash at bank mean?
Cash at bank refers to cash deposited with the bank.
What is Inventory?
Inventory consists of goods bought by businesses to sell to their customers.
What are Trade receivables?
Trade receivables are amounts owed by customers who buy goods and services from businesses on credit.
What are Other receivables?
Other receivables are amounts owed by others for reasons other than the sale of goods and services on credit.
What are Income receivables?
Income receivables refer to income earned that is not yet collected by the business.
What are Prepaid expenses?
Prepaid expenses are expenses paid by the business before they are incurred.
What are Non-current Liabilities?
Non-current Liabilities include Long-term borrowing and Mortgage loan.
What is Long-term borrowing?
Long-term borrowing refers to money borrowed to be repaid over more than 1 year.
What is a Mortgage loan?
A Mortgage loan is money borrowed to purchase property, repaid over more than 1 year.
What are Current liabilities?
Current liabilities include Trade payables, Bank overdraft, Other payables, Income received in advance, and Expense payable.
What are Trade payables?
Trade payables are amounts owed to suppliers when businesses buy goods and non-current assets on credit.
What is a Bank overdraft?
A Bank overdraft occurs when a business withdraws more than what is deposited in the bank account, repaid within 1 year.
What are Other payables?
Other payables are amounts owed to others for reasons other than buying goods and services on credit.
What is Income received in advance?
Income received in advance refers to income not earned yet but has already been collected by the business.
What is Expense payable?
Expense payable refers to expenses incurred but not paid by the business yet.
What is Equity?
Equity includes Capital and Drawings.
